Other Things Constant, What Effect Will an Increase in the Price

question 15

Multiple Choice

Other things constant, what effect will an increase in the price of beef have?

• A) It will encourage consumers to buy more beef.
• B) It will shift the demand curve for beef to the left.
• C) It will shift the demand curve for beef to the right.
• D) It will discourage consumers from buying as much beef.

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Definitions:

Absorption Costing

A cost accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed overheads - in the cost of a unit of product.

Gross Margin

The difference between the revenue generated from sales and the cost of goods sold, representing the profit made before accounting for operating expenses.

Operations

Operations refer to the day-to-day activities involved in the running of a business for the purpose of producing value for the stakeholders.

Variable Costing

An accounting method that includes only variable production costs in the cost of goods sold, excluding fixed factory overhead.